The USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade price failed to fly above the resistance level of 138.0. The market has retraced back to the bullish order block resting at the support level of 130.0.
The USDJPY – Guide, Tips & Insights | Learn 2 Trade – Guide, Tips & Insights | Learn 2 Trade market direction turned bearish in October after a shift in the market structure below 150.0. The bearish displacement on the 10th of November invalidated the bullish order block. After a pullback to the 142.0 supply level, the market paddled through a bearish channel. The buyers utilized the 130.0 demand level for a Change of Character (ChoCh). The market rose steadily to the resistance level of 138.0.
Upon arrival at the resistance level, the Stochastic indicated the market was overbought. The upper Bollinger Band resisted the bullish ascent. The daily candles eventually dived below the Moving Averages within the Bollinger Band. The market has returned to the demand level of 130.0 after a breakout failure.
A bullish order block has been spotted in the 4-hour timeframe. The market has retraced once again after a launch to test the bullish order block. The buyers are still aiming to bridge the 138.0 resistance level. The multiple tests of the order block at 130.0 are expected to make the demand level weaker. If the support level fails, the market is expected to dive to 127.0.
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